Amax disposes of Ace High

Macau junket investor Amax Holdings Ltd has announced it has gained HK$102 million with the disposal of Ace High Group Ltd, a wholly-owned subsidiary of the company. Ace High is primarily engaged in junket-related operations, and according to a filing with the Hong Kong Stock Exchange has ceased operation and not recorded any profit since 2009. The HK$102 million gained is equivalent to the amount of outstanding payables of Ace High. Amax announced in March that it intends to purchase major interests in a company to operate a gaming business in the Republic of Vanuatu, the junket has informed Hong Kong Stock Exchange. The company, linked to veteran local junket operator Ng Man Sun, said in a filing it had ‘entered into a non-legally binding letter of intent’ to buy a 60 percent stake in a firm called Forenzia Ltd on March 18.